Fitch downgrades TDC

Fitch Ratings said it downgraded TDC A/S's expected senior unsecured debt to B+ from BB- and removed it from Rating Watch evolving.

The downgrade follows an update on the expected capital structure of the company, including an increase in the amount of the revolving credit facility at TDC to €500 million from €300 million and the removal of a €200 million capital expenditure facility, Fitch said.

The ratings reflect the company's leading position within the Danish telecoms market, the agency said.

The company has strong in-market scale and share that spans both fixed- and mobile-segments, Fitch said.

TDC is rated lower than other peer incumbents such as Royal KPN NV due to notably higher leverage, which puts it more in line with cable operators with similarly high leverage, such as VodafoneZiggo Group BV and Unitymedia GmbH, the agency explained.

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